Hyundai Motor's South Korean union approves wage deal, Yonhap says

SEOUL, September 1 - Hyundai Motor's South Korean labor union has endorsed a tentative wage deal with the automaker, effectively concluding this year's pay negotiations following weeks of strikes and discussions, according to Yonhap news agency. Approximately 61.55% of participating union members voted in favor of the agreement, Hyundai Motor announced on Tuesday.

The two parties acknowledged the critical role of advanced technologies such as AI and robotics in shaping the future of mobility, as Hyundai stated in a statement. The agreement encompasses a base salary increase of 4.1% plus a performance bonus amounting to 400% of the base pay, along with additional cash payouts and bonuses. Furthermore, both sides agreed to engage in additional deliberations concerning employment-related matters pertaining to the introduction of new businesses.